EXEL OYJ    STOCK EXCHANGE ANNOUNCEMENT   2.3.2004 at 10.15    1 (1)

SHARES SUBSCRIBED WITH WARRANTS OF EXEL’S 1998 WARRANT PROGRAMME

After the previous increase in the share capital registered on 18
December 2003, a total of 40,100 shares in Exel Oyj have been
subscribed with the warrants attached to the warrant programme 1998.
The subscription price was EUR 3.36 as stipulated in the Terms and
Conditions of the warrant programme. The subscription period for the A
warrants began on 1 October 2000 and on 1 October 2002 with the B
warrants.

The increase in the share capital, in total EUR 14,035 was registered
in the Finnish Trade Register on 2 March 2004. As a result of the
increase, the share capital of Exel Oyj is now EUR 1,884,120 and the
total number of shares is 5,383,200. Exel received a total of EUR
134,736 as shareholders’ equity.

The holders of the new shares are entitled to all shareholders’ rights
from the registration date. The new shares will be listed on Helsinki
Exchanges main list together with the old shares on 3 March 2004.


Mäntyharju, 2 March 2004

EXEL OYJ


Ari Jokelainen
President & CEO


Further information:
Mr Ari Jokelainen, President, Exel Oyj, tel. +358 50 590 6750



Exel Oyj is a Finnish company specialised in composite technology. The
Group’s operations consist of sporting goods and industrial
applications. Exel’s best-known products include cross-country and
alpine poles, Nordic Walking poles, surfboard masts, floorball clubs
and industrial profiles in general. The Group’s four factories are
located in Finland and Germany. Over 80% of production is exported. In
2003 the Group’s net sales totalled EUR 57.3 million. Exel personnel
numbers 350. Exel’s share is listed on Helsinki Exchanges main list.
Further information: www.exel.net